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GBP/USD bounces back to hold around 1.6000 - FXStreet

FXStreet (Łódź) - FXStreet Chief Analyst Valeria Bednarik points out that GBP/USD bounced from a 1.5950 low on Thursday and is currently trading close to the 1.6000 level.

Key quotes

"The pair how shows little aims to extend its gains beyond the 1.6010 price zone, and the hourly chart shows price also hovering back and forth around a bearish 20 SMA, while indicators corrected oversold readings but remain below their midlines."

"In the 4 hours chart indicators are bouncing form oversold levels, and 20 SMA maintains a strong bearish slope above current price."

"An upward correction is possible, moreover on a break above 1.6030, 50% retracement of the latest bullish run."

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